getting plenty of investor focus. Active
customers for Airtel Money increased to
14.2m in the year to March 31 from 8.8m in
full-year 2017, with an underlying Ebitda
margin of 42% in the year to March 31.
Bank of America Merrill Lynch, Citigroup and
JP Morgan are global coordinators, and
bookrunners with ABSA, Barclays, BNP
Paribas, Goldman Sachs, HSBC and Standard
Bank.
PENNA CEMENT PLANS IPO BY SEPTEMBERPENNA CEMENT plans to launch an IPO of up to
Rs15.5bn (US$223m) by September, having
recently obtained Securities and Exchange
Board of India approval, people with
knowledge of the transaction have said.
Primary shares for Rs13bn and Rs2.5bn of
secondary shares will be offered. Founder
PR Cement Holdings is the vendor of the
secondary shares.
4HEûCOMPANYSûREVENUESûFORûTHEûlNANCIALûYEARû
to March 31 2018 were Rs18bn versus Rs19bn in
û.ETûPROlTûFELLûTOû2SBNûFROMû2SBN
Founded in 1991, the company owns six
cement plants in Andhra Pradesh,
Telangana and Maharashtra with an annual
capacity of 10 million tonnes.
Edelweiss, IIFL Holdings, JM Financial and Yes
Securities are the bookrunners.
L&T SELLS Rs6.6bn L&T TECH SHARESLarsen & Toubro is selling 4m L&T TECHNOLOGY
SERVICESûSHARESûATûAûmOORûPRICEûOFû2S ûTOû
raise Rs6.6bn (US$95m), according to a term-
sheet.
4HEûmOORûPRICEûREPRESENTSûAûûDISCOUNTûTOû
the pre-deal close of Rs1,718.60.
L&T is selling a 3.9% stake from its 78.88%
HOLDINGûTOûMEETûTHEûMINIMUMûFREE
mOATû
requirement of 25%.
The institutional tranche opened last
Tuesday and the retail tranche on Thursday.
Axis, HSBC Securities, ICICI Securities and JM
Financial are the banks on the transaction.
Earlier this year, L&T’s Rs9bn offer for
sale in L&T Technology was subscribed
around 57%.
SHYAM STEEL FILES FOR Rs5bn IPOSHYAM STEEL INDUSTRIESûHASûlLEDûTHEûDRAFTû
prospectus for an IPO of up to Rs5bn
(US$72m) and is targeting a launch by
November.
Primary shares totalling Rs2bn and 6.7m
secondary shares will be sold. Founders
Purushottam Beriwala, Govind Beriwala,
Ravi Beriwala, Brijesh Beriwala and Manish
Beriwala are among the vendors of the
secondary shares.
The steel-bar maker reported revenues of
2SBNûINûTHEûlNANCIALûYEARûTHATûENDEDûONû
March 31 2018, up from Rs15bn in 2017.
0ROlTûAFTERûTAXûROSEûTOû2SBNûFROMû2SMû
during the same period.
Axis Capital, Edelweiss, IIFL Holdings and SBI
Capital are the bookrunners.PVR PLANS UP TO Rs7bn SHARE SALEPVR plans to launch a Rs6bn–Rs7bn
53MnM ûQUALIlEDûINSTITUTIONALû
placement over the next few days, people
with knowledge of the transaction have
said.
The multiplex and cinema operator has
been meeting investors to gauge demand.
PVR shares are up 7.2% in the yea -to-date.
CLSA and Kotak Mahindra Capital are the
banks on the transaction.
The company is raising the funds to
expand. It operates 771 screens across 165
locations in 67 Indian cities.JAPAN
NIPPON REIT LAUNCHES FOLLOW-ONNIPPON PROLOGIS REIT has launched a global
follow-on offer to raise up to ¥35.4bn
(US$328m).
The deal is being marketed at a discount
range of 2.0%–4.5% to the closing price of
¥232,200 on June 4.
There are 155,430 primary shares in the
base deal, as well as a greenshoe of 7,770
units.
About 53% of the offering will be allocated
to domestic buyers and the rest to
international investors.
The deal will be priced on a day in
between June 11–13.
Goldman Sachs, Morgan Stanley and SMBC
Nikko Securities are joint global coordinators,
as well as bookrunners with Merrill Lynch and
Mizhuo on the international tranche.
Goldman and SMBC Nikko are bookrunners
with Mitsubishi UFJ Morgan Stanley and Nomura
on the domestic portion.EUROPE/MIDDLE
EAST/AFRICABELGIUM
ELIA LAUNCHES €435m RIGHTS ISSUEPower transmission company ELIA has
launched a rights issue targeting €434.8m.
The deal was expected, with shareholders
approving the proposed capital increase at
an EGM on May 21.A maximum of 7.63m shares will be
issued at €57 each, and on a 1-for-8 basis.
Any unsubscribed shares will be sold in the
market in a scrips placement.
Pricing is an 8.95% discount to the share’s
closing price of €62.60 on Tuesday, the day
before the record date of June 5. It represents
an 8.03% discount to TERP of €61.98.
Commitments amounting to 48.11% of
the rights issue have already been secured
from the company’s reference shareholders
Publi-T and Publipart, which have
committed to fully exercise their rights
corresponding to their respective stakes of
44.87% and 3.24%.
Subscription lasts from June 6 to 13 with a
result on June 14. The shares are eligible for
dividends from 2019.
JP Morgan and KBC are global coordinators,
and bookrunners with "ELlUSûand ING.
Elia and the banks on the deal are
expected to enter into an underwriting
agreement on or around June 14 – after the
rights issue and rump have completed – but
are not obligated to do so. If they do, JP
Morgan and KBC will underwrite 35% each,
WHILEû"ELlUSûANDû).'ûWILLûUNDERWRITEûû
each.
A €110m portion of the proceeds will be
used to replace internal funds used to
lNANCEûTHEû.EMOû,INKûPROJECT ûAûSUBSEAû
power cable from the UK to Belgium. The
project is a joint venture between Elia and
the UK’s National Grid that has been
operational since January. The rest of the
proceeds will go towards regulated activities
in Belgium and general corporate purposes.
Elia is locked up for 180 days following
listing of the shares. Publi-T is locked up for
90 days.GERMANY
VW TO LIST TRATON IN FRANKFURT AND
STOCKHOLMThe long-awaited IPO of Volkswagen’s truck
unit TRATONûHASûlNALLYûKICKEDûOFF ûASûITûBEGANû
pre-marketing on Tuesday for a dual listing
in Frankfurt and Stockholm.
The IPO had been expected earlier in the
year but VW postponed the plan in March
due to tricky market conditions.
Poised to be one of the largest deals of
2019, a tremendous amount of interest in
the spin-off is said to have poured in on the
lRSTûMORNINGûOFûPRE
MARKETING ûWITHû
investors already well-versed in the
business’s fundamentals through its parent
company.
The IPO is expected to raise several billion
euros and be all-secondary, with VW
intending to remain majority shareholder.
An already strong balance sheet and